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Old Dominion Profit Soars in Second Quarter

Less-than-truckload carrier Old Dominion Freight Line has reported a boost in profit and business for the second quarter of the year as well as the first half of 2013.

The North Carolina-based operation says in the second quarter revenue increased 8% to $590.2 million compared with $546.5 million for the second quarter of 2012. Net income increased 21.8% to $58.3 million from $47.8 during the same time period.

This improved its operating ratio to 83.5% for the second quarter of 2013 compared with 84.9% for the second quarter of 2012.

For the first six months of 2013, revenue was $1.13 billion, an increase of 7.6% from $1.05 billion for the first six months of 2012. Net income grew 25.2% to $98.8 million for the first half of 2013 from $78.9 million for the same period in 2012.

The company's operating ratio improved to 85.5% for the first half of 2013 from 87.0% for the first half of 2012.

“We believe our industry-leading service once again enabled us to win market share during the second quarter and led to the 5.6% increase in tonnage per day compared with the second quarter last year," said David S. Congdon, president and CEO.

“In addition, our revenue per hundredweight increased 2.4% for the quarter, which, when combined with our tonnage growth, accounted for the 8.0% growth in revenue. Revenue per hundredweight, excluding fuel surcharge, increased 3.0% for the 2013 second quarter from the same quarter last year.”